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Where Taxpayers and Advisers Meet

Company Inactivity

Joined:Tue May 28, 2024 9:11 pm
Company Inactivity

Postby siddzy » Tue May 28, 2024 9:13 pm

Hi Team

My trading company has ceased trading, and the only transactions expected are income from interest. This is from funds in business account kept in Liquidity Savings account that generates income.

Please can you advice
1. If my company should be treated as non-trading
2. Should I de-register from VAT scheme ?
3. How do I mark my company as Inactive on freeagent.

Many thanks

Joined:Sat Feb 01, 2014 3:26 pm

Re: Company Inactivity

Postby bd6759 » Wed May 29, 2024 7:36 pm

1. Yes. It’s now a closed investment company.

2. Yes.

3. It’s not inactive if it holds investments.

Joined:Wed Jun 05, 2024 10:06 am

Re: Company Inactivity

Postby johnsamir » Thu Jun 06, 2024 6:57 am

Hi Poonam,

Since your trading company has ceased trading and your only expected transactions involve income from interest, it's advisable to treat your company as non-trading. Considering deregistering from the VAT scheme may be prudent if you don't anticipate exceeding the VAT threshold. To mark your company as inactive on FreeAgent, adjust your company status or settings within the platform accordingly.

Best regards,

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